UBS appoints Ralph Hamers as Group Chief Executive Officer
February 19 2020 - 6:15PM
Dow Jones News
Regulatory News:
The Board of Directors of UBS Group AG (NYSE:UBS) (SWX:UBSN)
announced today it has named Ralph Hamers as its new Group Chief
Executive Officer and President of the Executive Board of UBS AG,
effective 1 November 2020. Hamers currently serves as CEO of ING
Group.
UBS Group AG Board Chairman Axel A. Weber said, "Ralph is the
right CEO to lead our business into its next chapter. A seasoned
and well-respected banker with proven expertise in digital
transformation, Ralph has an impressive track record leading ING
Group for more than six years. As the industry undergoes
fundamental change, Ralph is the person to lead UBS's continued
transformation and build upon its successful strategy as the
world's largest and only truly global wealth manager and the
leading universal bank in Switzerland, enhanced by its investment
bank and asset management."
"The Board sincerely thanks Sergio for his exceptional
commitment and contributions to the success of the business since
taking office almost nine years ago. I would personally like to
thank Sergio for our partnership during this entire period and for
his constructive collaboration during the succession process."
Weber continued, "Sergio led the transformation of UBS in the wake
of the global financial crisis. Today, UBS is the world's leading
wealth manager and the leading bank in Switzerland, supported by a
global investment bank with world-leading equity research
capability, and a large-scale and diversified asset manager with a
strong focus on sustainable investing. During Sergio's tenure, UBS
created substantial value for our shareholders, as tangible book
value including dividend distribution has grown at 6% annually and
shareholders have received over USD 15 billion dividends and USD
1.5 billion in share-buybacks. We are grateful to Sergio for the
strong leadership he provided as CEO of UBS, adding a successful
chapter to the history of this more-than-150-year-old bank."
Hamers joined ING Group in 1991. During his successful career,
he progressed through a series of roles across business segments
and geographies before becoming CEO in 2013. Under his leadership,
ING Group has implemented a fundamental shift in its operating
model and is now considered one of the best examples of digital
innovation in the banking sector. Hamers holds a Master of Science
in Business Econometrics and Operations Research from Tilburg
University in the Netherlands and is Chairman of the European
Banking Group, the leading European banking association.
Hamers said, "I'm honored by the opportunity to lead this great
institution. I have long admired the firm's transformation under
the leadership of Axel and Sergio. The firm has an outstanding
global client franchise across its business divisions, all of which
are underpinned by the incredibly strong UBS brand. I'm looking
forward to working with the senior management team, the Board of
Directors and all of UBS's employees to further strengthen the
franchise and serve UBS's clients to achieve their goals."
Sergio P. Ermotti said, "It has been a privilege to lead UBS.
I'd like to thank all my colleagues, past and present, for their
dedication to serving our clients and making UBS what it is today.
After nearly a decade as CEO, now is the right time to write my
next chapter. UBS is in great shape, enjoys maximum strategic
flexibility and is well positioned for sustainable growth. In the
months ahead, my colleagues and I will continue to execute our
strategy and deliver against our ambitious targets, and we look
forward to working with Ralph to ensure a seamless transition."
Notice to investors
This document and the information contained herein are provided
solely for information purposes, and are not to be construed as a
solicitation of an offer to buy or sell any securities or other
financial instruments in Switzerland, the United States or any
other jurisdiction. No investment decision relating to securities
of or relating to UBS Group AG, UBS AG or their affiliates should
be made on the basis of this document. Refer to UBS's fourth
quarter 2019 report and its Annual Report on Form 20-F for the year
ended 31 December 2018 for additional information. These reports
are available at www.ubs.com/investors.
Cautionary statement regarding forward-looking statements
This document contains statements that constitute
forward-looking statements. While these statements represent UBS's
judgments and expectations concerning the matters described, a
number of risks, uncertainties and other important factors could
cause actual developments and results to differ materially from
UBS's expectations. Additional information about those factors is
set forth in documents furnished and filings made by UBS with the
US Securities and Exchange Commission, including the fourth quarter
2019 report and the Annual Report on Form 20-F for the year ended
31 December 2018. UBS undertakes no obligation to update the
information contained herein.
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CONTACT:
UBS Group AG and UBS AG
Investor contact
Switzerland: +41-44-234 41 00
Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 58
APAC: +852-297-1 82 00
www.ubs.com/media
SOURCE: UBS Group AG
Copyright Business Wire 2020
(END) Dow Jones Newswires
February 19, 2020 18:00 ET (23:00 GMT)
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